Semiconductor company appoints interim co-chiefs while it searches for permanent replacement
Pat Gelsinger is to stand down as Intel chief executive, deepening the crisis at the once-dominant US chipmaking group, which has fallen behind rivals such as Nvidia. The California-based company said on Monday that the 63-year-old would be replaced by chief financial officer David Zinsner and executive vice-president Michelle Johnston Holthaus, who will be interim CEOs until a permanent appointment is made.
35tn.Intel’s share price jumped almost 4 per cent in pre-market trading following the news of Gelsinger’s retirement. In October, Intel announced $18.7bn in restructuring and asset impairment charges in its latest effort to rebuild its competitiveness. The charges included $2.8bn of expenses tied to a previously announced reorganisation and cost-cutting programme designed to cut spending by $10bn a year. Intel also took $15.9bn of impairment charges on equipment and goodwill writedowns.
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